Mitchell Cole CPA

Act-60 Payments for 2002

spi — Tue, 06 Jul 2010 14:34:52 +0000

The State of Vermont is sending reminders to Vermont homeowners that the deadline to apply for their 2002 Act 60 payments is December 1, 2002.

There will be no reconciliation with the filing of the 2002 tax return. These notices are being sent to around 6500 eligible homeowners who haven’t filed the application form HS-138. If you have received a notice please be sure to review it to see if you are eligible for the prebate. Any questions? I may be able to help. Feel free to call me at 802 362-9000.

The State of Vermont is sending reminders to Vermont homeowners that the deadline to apply for their 2002 Act 60 payments is December 1, 2002.
There will be no reconciliation with the filing of the 2002 tax return. These notices are being sent to around 6500 eligible homeowners who haven’t filed the application form HS-138. If you have received a notice please be sure to review it to see if you are eligible for the prebate. Any questions? I may be able to help. Feel free to call me at 802 362-9000.

Year-End Tax Planning

spi — Tue, 06 Jul 2010 14:34:29 +0000

Even with the downswing in the markets and in the economy there are many opportunities for both businesses and individuals to reduce their tax burdens.

For instance, you can take advantage of the increased pay-in limits to your IRA, 401(k) or Simple plans. If you’re a business, you still have the increased first-year depreciation available for 2002. These are a just a few things you can do, as well as the standard strategies of shifting income and paying expenses before December 31, 2002—which can be done by businesses and individual alike. Here are also new changes for 2002 that you may be able to use:

* The educational interest deduction has had the phaseout increased to $130,000 for couples and $65,000 for singles with the five-year limit deleted.

* There is a new deduction of up to $3,000 for higher education expenses.

* Teachers get a new deduction for up to $250 for classroom materials they buy.

And don’t forget your investments—as if you could, particularly in this volatile year. Even with a bear market there may be some opportunities to sell at a gain that will be offset by any losses you may have had. Be sure to review your portfolio before year’s end to make sure, or call me at 802 362-9000 to set up an appointment when we can review them together.

Even with the downswing in the markets and in the economy there are many opportunities for both businesses and individuals to reduce their tax burdens.
For instance, you can take advantage of the increased pay-in limits to your IRA, 401(k) or Simple plans. If you’re a business, you still have the increased first-year depreciation available for 2002. These are a just a few things you can do, as well as the standard strategies of shifting income and paying expenses before December 31, 2002—which can be done by businesses and individual alike. Here are also new changes for 2002 that you may be able to use:
* The educational interest deduction has had the phaseout increased to $130,000 for couples and $65,000 for singles with the five-year limit deleted. * There is a new deduction of up to $3,000 for higher education expenses. * Teachers get a new deduction for up to $250 for classroom materials they buy.
And don’t forget your investments—as if you could, particularly in this volatile year. Even with a bear market there may be some opportunities to sell at a gain that will be offset by any losses you may have had. Be sure to review your portfolio before year’s end to make sure, or call me at 802 362-9000 to set up an appointment when we can review them together.

You Can Take it With You

spi — Tue, 06 Jul 2010 14:34:00 +0000

The file is in PDF and you’ll to have the Adobe Reader plug-in in order to view it. If you don’t have Adobe Reader, download the application for free from Adobe. If you have any questions, please feel free to call me at 802 362-9000, or send me an e-mail.

Download the 2002 Quick Reference Sheet

Here’s a quick reference tax sheet for the 2002—some of the essential information about deductions and exemptions you should know when having your taxes prepared. Print the calendar, tack it on your bulletin board, or bring with you the next time we meet and I’ll be happy to talk about what applies to you.
The file is in PDF and you’ll to have the Adobe Reader plug-in in order to view it. If you don’t have Adobe Reader, download the application for free from Adobe. If you have any questions, please feel free to call me at 802 362-9000, or send me an e-mail.
Download the 2002 Quick Reference Sheet